MCA debt, or Merchant Cash Advance debt, is a type of business financing repaid through a percentage of daily credit card sales. It is a short-term and high-cost funding option often used by small businesses. Many business owners turn to MCA debt relief to address the challenges associated with this type of debt. MCA debt…
Reserves in a mortgage refer to cash or other assets that can be accessed easily to pay the loan. These reserves act as a safety net for the lender in case the borrower faces financial difficulties. When applying for a mortgage, the lender may require the borrower to have a certain amount of reserves, typically…
For most loan applications, expect a two to five business day approval process. However, emergency loans can be approved more quickly, depending on the lender, your financial situation, and your bank. The timeline for job application approval generally varies from a few days to a few weeks, influenced by factors such as industry, company size,…
A Refund Anticipation Loan (RAL) is a short-term consumer loan provided by a third party against an expected tax refund. It allows taxpayers to access their refund amount before the tax authority processes the refund. This loan is repaid when the actual refund is received, and it typically incurs interest and fees. Are you eagerly…
A Flex CD, or flexible certificate of deposit, is a type of CD with a fluctuating interest rate, as opposed to a fixed-rate CD, which maintains the same interest rate throughout the investment period. Flex CDs offer the potential for the interest rate to increase or decrease based on various factors. When it comes to…
Property covenants are agreements regarding the use of real property, either benefiting or burdening the landowner. These agreements limit property use to protect its value and are known as restrictive covenants when they burden the landowner. Property covenants can involve promises of fidelity, protection, loyalty, and faithfulness. They differ from deeds, which convey property interests,…
Contingencies in real estate refer to conditions that must be met for a contract to be valid. These conditions protect buyers and sellers from potential risks and allow either party to back out if the conditions are not fulfilled. When it comes to buying or selling a property, contingencies play a crucial role in protecting…
Steering in fair lending is guiding a borrower to a loan with less favorable terms based on race, religion, or other protected characteristics. This practice is illegal and discriminatory, targeting individuals or communities for fraudulent or unfair lending practices. Steering can involve showing properties only in neighborhoods where a certain race is prominent, while avoiding…
Escrow disbursement means the release of funds from an escrow account for specific purposes, such as paying property taxes or insurance. This process is typically managed by the lender on behalf of the borrower. When buying a home, it’s common to encounter the term “escrow disbursement. ” This refers to the release of funds from…
No, you cannot transfer loans to another person without the lender’s approval. Lenders require credit checks and down payments from new borrowers. Transferring loans to another person requires lender approval, credit checks, and down payments. When considering transferring a loan, it’s important to understand the lender’s requirements and the process involved. Most lenders will not…
Note finance refers to a type of loan in which the borrower receives a lump sum of money upfront, agreeing to repay it based on predetermined terms. These terms typically include a fixed repayment schedule with either fixed or floating interest. Note finance is commonly used in real estate transactions and can be structured in…
Mortgage prequalification is an initial assessment of your borrowing potential based on financial information provided. It provides an estimate of the loan amount you may qualify for, helping you understand your homebuying capacity. This process does not involve a thorough credit check and is not a guarantee of loan approval. Are you considering purchasing a…
It may not be necessary for your spouse to be on the mortgage, but it can have implications on your ability to qualify for the loan, especially in community property states. Different mortgage situations call for different approaches, but having both names on the mortgage can allow for two income streams to help qualify for…
Yes, it’s possible to put a down payment on a credit card, but it depends on the dealer’s policy. Some dealers don’t accept credit cards due to transaction fees. Looking to make a significant down payment on a car or another large purchase? You might wonder whether you can put a down payment on a…
A joint mortgage is a home loan taken out by two or more individuals who are equally responsible for repaying the loan and adhering to its terms. While it involves shared responsibility for the loan, joint ownership of the home is a separate matter. Are you considering purchasing a property with a partner or family…